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P. Santella, C. Drago, A. Polo, E. Gagliardi

Italian Society of Law and Economics Fourth Annual Conference, University of Bologna 7-8 November 2008 Governance and Finance. Una comparazione tra le reti di amministratori nell principali società quotate tra Italia, Francia e Gran Bretagna. P. Santella, C. Drago, A. Polo, E. Gagliardi.

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P. Santella, C. Drago, A. Polo, E. Gagliardi

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  1. Italian Society of Law and EconomicsFourth Annual Conference, University of Bologna 7-8 November 2008 Governance and Finance Una comparazione tra le reti di amministratori nell principali società quotate tra Italia, Francia e Gran Bretagna P. Santella, C. Drago, A. Polo, E. Gagliardi The paper is available free of charge at: Bepress http://works.bepress.com/carlo_drago/63/ http://works.bepress.com/paolo_santella/55/ 1

  2. Santella Drago Polo Gagliardi Italian Interlocking directorships network 1998-2006 • Santella Drago Polo “The Italian Chamber of Lords sits on Listed Company Boards. An Empirical Analysis of Italian Listed Company Boards from 1998 to 2006” available free of charge at:http://mpra.ub.uni-muenchen.de/2265/1/MPRA_paper_2265.pdf

  3. Santella Drago Polo Gagliardi Italian Blue Chips 1998

  4. Santella Drago Polo Gagliardi Italian Blue Chips 1999

  5. Santella Drago Polo Gagliardi Italian Blue Chips 2000

  6. Santella Drago Polo Gagliardi Italian Blue Chips 2001

  7. Santella Drago Polo Gagliardi Italian Blue Chips 2002 2002

  8. Santella Drago Polo Gagliardi Italian Blue Chips 2003

  9. Santella Drago Polo Gagliardi Italian Blue Chips 2004

  10. Santella Drago Polo Gagliardi Italian Blue Chips 2005

  11. Santella Drago Polo Gagliardi Italian Blue Chips 2006

  12. Santella Drago Polo Gagliardi Data • Italy: S&P MIB40 (575 directors)‏ • France: CAC40 (595 directors)‏ • United Kingdom: first 40 capitalized companies in the FTSE100 (515 directors)‏ • International Network: the merger of the three different national networks considered (1685 directors)‏

  13. Santella Drago Polo Gagliardi Methodology • (1) Exploratory data analysis (comparing directorships either at national level and at international level). • (2) Social Network Analysis (structural aspects of the identified networks). See for example Wassermann Faust (1994) and De Nooy et al. (2005)‏ • The focus in the analysis is comparing the structure of the single national networks and analysing the characteristics of the international network (the features of which are a new empirical finding).

  14. Santella Drago Polo Gagliardi Results • Components, Isolates and Density • Number of directorships by network • Directors linking more than one country • Directorships by directors (rankings) compared by country • Network centrality (Freeman Degree)‏ • Network centrality (Betweenness)‏ • Visual structure of the four networks compared (France, Italy, UK and International)‏

  15. Components, Isolates and Density Santella Drago Polo Gagliardi

  16. Santella Drago Polo Gagliardi Number of Directorships

  17. Santella Drago Polo Gagliardi Directors linking more than one country

  18. Santella Drago Polo Gagliardi Directorships by director

  19. Santella Drago Polo Gagliardi Centrality (Freeman Degree)‏

  20. Santella Drago Polo Gagliardi Centrality (Betweenness)‏

  21. Santella Drago Polo Gagliardi The International Network

  22. Santella Drago Polo Gagliardi France

  23. Santella Drago Polo Gagliardi Italy

  24. Santella Drago Polo Gagliardi United Kingdom

  25. Santella Drago Polo Gagliardi Conclusions • We identify two distinct economic models in the interlocking directorship networks: an Italian-French model and a UK model. • Considering the extension and the depth of the network linkages, the Italian-French Blue Chips seem to be close to the collusive model described in the literature. • More in general, the Italian and even more the French Blue Chips seem to operate under mutual scrutiny.

  26. Santella Drago Polo Gagliardi Bibliography • De Nooy Mrvar Batagelj (2005) “Exploratory Social Network Analysis with Pajek” New York, Cambridge University Press • Mac Canna, Brennan, O’Higgins (1998) “National Networks of Corporate Power: An Irish Perspective”, Journal of Management and Governance Volume 2, Number 4, 1998 , pp. 357-379(23)‏ • Maati (2007) “Les administrateur europeens du FTSEurofirst 100 constituent-t-ils un petit monde?”Working paper. • Santella, Drago, Polo (2007) “The Italian Chamber of Lords Sits on Listed Company Boards: An Empirical Analysis of Italian Liste Company Boards from 1998 to 2006” available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1027947 • Wassermann Faust (1994) “Social Network Analysis” Cambridge, Cambridge University Press

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